Pawnbrokers Act 2015 · 2020 Revised Edition · Part 3 · Rights and Obligations When Goods Are Pawned
48. Valuation to be given beforehand
Feedback & supportA pawnbroker must, before taking goods in pawn, give the person offering to pawn the goods a valuation of the goods offered to be pawned.
pawnbroker
“pawnbroker” means a person who carries on a business of lending money on the security of pledges;
A loan agreement is voidable at the instance of the pawner unless subsection (1) is fully complied with.
loan agreement
“loan agreement” means an agreement for the loan of money on the security of a pledge;
A pawnbroker is not liable for any loss or damage suffered (whether by the pawner or by any third party) as a result of relying on a valuation given under subsection (1), unless the pawnbroker did not act in good faith, or did not take reasonable care, in giving the valuation.
pawner
“pawner” means a person who pawns goods to a pawnbroker, whether or not the person has any title to, or is authorised to deal in, those goods;